Market Trends of Australia Bariatric Surgery Industry
This section covers the major market trends shaping the Australia Bariatric Surgery Market according to our research experts:
Gastric Balloons is Expected to Record a Highest Growth in the Implantable Device Segment Over the Forecast Period
In order to help with weight loss, a gastric balloon, also known as an intragastric balloon (IGB) or a stomach balloon, is an inflatable medical device that is briefly introduced into the stomach. Intragastric balloon placement involves placing a saline-filled silicone balloon in the stomach. This helps a person to lose weight by limiting how much a person can eat and making the person feel fuller and faster. The introduction of new products, an increased elderly population, collaboration with bariatric surgery centers, and manufacturing optimization to increase operating leverage are some of the factors that are driving the demand for balloons.
According to the AIHW report published in July 2022, Australia's overall population has been growing older over time, with the share of people aged 65 and over increasing to 17% in 2020-21 compared to 11% in previous years. As the older population is more susceptible to obesity and chronic conditions, the demand for gastric balloons is expected to increase, which is likely driving the market segment's growth over the forecast period.
Moreover, product launches are expected to boost the growth of the segment over the forecast period. For instance, in July 2022, Allurion, the first gastric balloon that requires no endoscopy or anesthesia for placement or removal, was launched in Australia. Thus, the new product approvals and launches help to expand the product portfolio in the given segment and are expected to drive the market over the study period.
Closure Device Under the Assisting Devices Segment is Expected to Have Fastest Growth Over the Forecast Period
Bariatric surgery is the operation that most commonly involves closure devices. As certain treatments necessitate the substantial use of closure staples, it is interesting that this surgery will push the market for the closure devices segment. Gastric bypass and sleeve gastrectomy are two of the most popular bariatric surgery treatments. The active closure devices include suture devices, collagen plugs, and clips which are mainly used to close the wounds of bariatric surgery. Hence, with an increasing number of bariatric surgeries due to various driving factors, it is expected to have a significant impact on the market through this segment.
One of the major driving factors for the segment growth is the rising burden of obesity in the country, which is likely to have bariatric surgery where closure devices play a major role during the surgery. For instance, as per the Obesity Atlas 2022, Australia is under the very high-risk category for obesity, with an estimated prevalence of 37.8% by 2030. As per the same source, obesity is more prevalent in men, and the estimated total number of obese patients with a BMI 30 in men is estimated as 40.8 million by 2030. This shows the high burden of obesity in the country, which is expected to have a high demand for bariatric surgery, where the closure devices play a crucial role and drive the market segment over the forecast period.
